Primoris Services Corporation (NASDAQ:PRIM) Q4 2022 Earnings Call Transcript

Tom McCormick: Well, I see it growing, but as I said earlier, it’s going to grow at a pace of roughly $300 million to $400 million, maybe $500 million — but maybe as much as $500 million a year for us. And that does flatten out over time as that business continues to get bigger. But I don’t think — I don’t see a whole lot beyond, I mean not that they didn’t have tailwinds that are going to carry into the end of the decade, but we just don’t look that far in advance. It’s something new for us even to look and start making commitments right now for work that’s going to happen two years in the past for us.

Operator: . Your next question is from the line of Jerry Revich with Goldman Sachs. Your line is open.

Clay Williams: Hi, thanks for the question. This is Clay Williams on for Jerry. We were curious if there any puts and takes on whether utilities margin trajectory from here should be ahead or below normal seasonality as we think about project mix outlook for crew utilization, et cetera?

Ken Dodgen: Yes. I mean in 2023, we’re kind of expecting the same kind of seasonal curve up from Q1 to Q2 to Q3 and then back down slightly in Q4, not expecting much of any change in that. As we look at 2023 from a mix standpoint, I think gas is going to be probably relatively flat to slightly up in 2023. Most of the growth is going to come from power delivery and communications.

Operator: There are no further questions at this time. I will now turn the call back over to the President and Chief Executive Officer, Mr. Tom McCormick.

Tom McCormick: Thank you, Operator. I want to thank all of our employees and crew members for their dedication and hard work. Their focus on safety and quality execution makes a positive impact on the customers and communities we serve and makes Primoris a great company. And thank you to those who joined us today. We appreciate your time and interest in Primoris. Have a good day.

Operator: Ladies and gentlemen, thank you for participating. This concludes today’s conference call. You may now disconnect.